Bankruptcy in Wisconsin hits a 9-year low
Bankruptcy filings in Wisconsin have not been this low in nearly a decade. They hit a nine-year low in 2016, according to new reports. However, if you’re thinking that means almost no one filed for bankruptcy last year, the numbers do tell a different story. There were still 16,800 bankruptcy filings in the state. That’s […]
Report says problem gamblers average $38,000 in debt
It’s true that many people gamble a little bit — buying a lottery ticket when the payout hits a historic high, for instance, or going to the casino at a vacation resort — and don’t run into serious issues. However, for those considered “problem gamblers,” a new report claims they average $38,000 in debt. You […]
You can file for bankruptcy, even with a job and a good income
There is sometimes a stereotype about bankruptcy, in which people believe they have to be in absolutely dire straights to file. They need to be unemployed, swamped in debt, facing foreclosure, and with no other way out. Certainly, you can file in that situation, but you should know that you can also file even if […]
Young professionals and medical debt: Negotiate a better deal
As a young professional, you have a lot on your plate in regards to your finances. Not only are you in the process of getting your career off the ground, but you may be faced with mounting debt. For example, student loans have a way of biting into your monthly income. The same holds true […]
What if your spouse files for Chapter 7 bankruptcy?
You and your spouse have plenty of joint accounts. You opened a credit card account together, you bought a house, and you bought a new car. You both co-signed on everything because it made it easier to get the loans that you wanted. Now, your spouse has decided that he or she can’t pay the […]
Bankruptcy after retirement can be complicated
If you’re retired and thinking about filing for bankruptcy, you should know that it can get fairly complicated. You need to know what property is exempt, what types of bankruptcy you can use, what the long-term impact will be and much more. First, many retirement funds and pension plans are exempt, so you don’t have […]
Reasons people get trapped in debt
Even people with good jobs get trapped in debt. One study found that about 33 percent of households with an income of at least $75,000 per year — and often more — still lived from one paycheck to the next. Other studies have found that most Americans — 73 percent — don’t even have $1,000 […]
Rebuilding after Chapter 7 bankruptcy
If you’re thinking about using Chapter 7 bankruptcy, you want to look at the big picture. What assets will be liquidated? What do you get to keep? What does the bankruptcy filing mean for your future? One of the key things to consider is what you’re going to do after you file to rebuild your […]
What kind of student loans can be discharged in bankruptcy?
There is a common misperception among many people that student loans simply cannot be discharged during bankruptcy. In many cases, this may be accurate, but not always. Laws were changed some time ago specifically to prevent the discharge of student loans during bankruptcy. However, statistics indicate that as many as 40 percent of bankruptcy filers […]
Questions to ask when considering bankruptcy
You don’t want to choose bankruptcy lightly. This is something you can only do so often, and it’s a big step. To decide if it’s the right move for you, ask these questions: 1. Are you completely out of ways to pay the bills? Remember that missing payments increases debt and hurts your credit score, […]
